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Dennis Kittler and Family and Fossil Oil Sold Us Unregistered Securities Via "Investment Contracts" and Took Our Money for Their Own Self Enrichment
We Got Nothing but Excuses and Our Money, Apparently, Went to Fund Jurassic SWD and Jurassic Fuel Trading; the Next Generation of Kittler Scams?
Tompkinsville, Kentucky
We, the victims of Dennis Kittler and Family and Fossil Oil, are telling everyone that might come in contact with Dennis Kittler and Family and/or Fossil Oil to not do business with this organization or anyone associated with it and, immediately, contact Colt Ledger, who is in contact with Federal authorities regarding the alleged scam that Dennis Kittler and Family perpetrated on us. Colt Ledger is currently preparing our State and Federal Securities and criminal fraud and money laundering complaints regarding this entire matter.
We keep asking for the accounting and other documents to verify what Dennis Kittler and Family did with our investment funds, since we are "co-owners/equal partners" in his "joint ventures", but Dennis Kittler and Family continues to refuse. What are they hiding?
Below are comments made by Colt Ledger regarding Dennis Kittler and Family's, alleged illegal "Joint Ventures", how they attempted to evade the SEC and Federal law enforcement and why they do not want their partners to see the accounting, in a concerted effort to leave us, exposed to and ignorant of, his alleged criminal activities.
Colt Ledger stated that, "According to a Deputy Director of the Texas State Securities Board's Enforcement Division, he has never, in his 30 plus years, seen a ‘legitimate oil and gas joint venture'! The reason for his statement is based upon a multitude of State and Federal court decisions, which clearly state that a ‘Joint Venture' is not a ‘Legitimate Joint Venture' simply because Dennis Kittler calls it a ‘Joint Venture'. The legal foundation of a ‘Joint Venture' is based on how it is structured and, in fact, who is actually responsible for making the project profitable!"
"It appears, Dennis Kittler and Family, Fossil Oil and their legal counsel, or whoever prepared the projects' legal documents, has, willfully, structured and ran "illegal" joint ventures, thus, allegedly, scamming all of the Fossil investors out of millions!"
"It is important to understand that a ‘legal joint venture' is not considered a security and, therefore, it is not subject to SEC securities regulations, therefore, many oil and gas con men, call their oil drilling scams, ‘joint ventures' in an attempt to evade securities regulations and the criminal fraud and money laundering associated with the vast majority of these Texas based ‘joint ventures'. And according to documents obtained from Dennis Kittler and Family, Fossil Oil, and their victims, this is exactly what Dennis Kittler and Family set-up and, allegedly, stole millions of dollars from their victim's! Let us be clear, Dennis Kittler and Family has allegedly stole hundreds of thousands of dollars from my clients but they have, in fact, allegedly, stole millions of dollars from all of their investors over the years. And, since Dennis Kittler and Family refuse to provide any proof that they have actually produced a commercially viable well, there appears to be a premeditation to the lies told to investors to get them to invest."
"To make things as simple as possible, for us non-attorneys, there are, according to the U.S. Supreme Court, basically, two questions to be answered regarding a "joint venture" offered and sold verses a ‘security':
1. Is or is not the ‘joint ventures', offered by Dennis Kittler and Family, in fact, securities offerings, subject to SEC jurisdiction?"
"To make things easier to understand, no matter how confusing and convoluted, the con man running the project attempts to ‘who do' his victims or his lawyer makes the contract, the U.S. Supreme Court set up a legal test, "The Howey Test", in which the Court determined that there were 4 elements which predicate the existence of an "investment contract" and, therefore, a "security". Those 4 elements are:
(1) an investment; (2) a common enterprise; (3) the expectation of profits; and (4) profits that result solely from efforts of another. (SEC v. WJ. Howey Co., 328 U.S. 293 (1946). Another words, you put your money in and someone else does all the work, which is the definition of an investor!"
"All of my clients have sworn, under oath, that they invested their money, in a common enterprise, i.e., Fossil Oil joint ventures, with the expectation of making a profit, solely, from the efforts of Dennis Kittler and Family and Fossil Oil, et. al. The documents provided by Dennis Kittler and Family underscore the fact that my clients invested in Dennis Kittler and Family joint ventures based entirely on Dennis Kittler and Family's oil and gas experience, the commercially viable wells they had, allegedly, produced previously and his overall alleged success. However, now that they have absconded with the victims' money, Dennis Kittler and Family, now, have refused to verify their previous claims of success or experience!"
"A person can do something for 40 years and never be successful, thus far, this appears to describe Dennis Kittler and Family; 40 years of failure! However, they are a wealthy family, who have made their wealth, apparently, by scamming investors. "
"This is the real reason that the Kittlers do not want their investors or the authorities to ever see the financials on anything they have been involved in, period! The financials would expose them and, quickly, incriminate them!"
"The simple fact is, that none of my clients would have ever invested had they been required to become directly involved in oil and gas drilling project with the expectation that their own efforts would determine if there were profitable results."
"However, the fourth point of the Howey Test, (4) profits that result solely from efforts of another, usually needs further examination to determine, basically, the question is was it feasible for the investors, a group of ordinary citizens, whose total oil and gas experience was limited to self-service gas stations and a quick lube franchises, to expect profits without the efforts of Dennis Kittler and Family?"
"Enter the ‘Williamson Test', to determine if this group of investors was, solely, dependent on the efforts of Dennis Kittler and Family, Fossil Oil and their affiliates, associates, etc., to produce a successful project/profit or could the investors, scattered across the country with no idea who the other investors were, have taken control, a very difficult task, in its self, and expect to produce a profit with no experience or knowledge of the day-to-day operations involved in drilling a successful well?"
"The question here is, ‘Would you invest in an oil and gas drilling project, ran by a group of inexperienced individuals, scattered across the country, with absolutely no idea as to how to drill a well?' Or, ‘What would be your expectation of a profit coming from such a project?'"
"Fortunately, the "Williamson Test", was created to determine:
2. Whose efforts, in fact, were absolutely crucial, the investors' or the management's, to the expectation of a profitable "joint venture"?"
"The Williamson test directs us to examine (1) the projects' documents, (2) the investor, and (3) the promoter. The Williamson Court concluded that the investors could reasonably expect to receive profits derived from essential managerial services of another based upon (1) the formal, documentary, distribution of power; (2) the fact that the investors' efforts could not conceivably give rise to any profits; or (3) the fact that the promoter's talents are so remarkable or unique that the investors' efforts could not have any significant effect on making profits."
"Again, in sworn statements, these victims of Dennis Kittler and Family and Fossil Oil, state categorically:
(1) the agreement among the parties left so little power in the hands of the investors that the arrangement, in fact, distributed power as would a limited partnership; and/or
(2) the investors were so inexperienced and unknowledgeable in business affairs that they were incapable of intelligently exercising their partnership or venture powers; or
(3) the investors were so dependent on the managerial ability of the promoter/ manager that they could not replace the manager of the enterprise or otherwise exercise meaningful managerial powers."
"Again, based on the sworn statements of Fossil victims, they never were involved in any management decisions, never participated in a management meeting, had no knowledge of how to run an oil and gas drilling project, were not provided with the identity and contact information of all of the investors, therefore, the investors could not discuss any project concerns with the other partners, such as, replacement of the management."
"But, for the moment, forget about the legalese, these investors were scattered around the world, doing whatever they did to accumulate the funds to invest, none of which involved drilling oil wells, this was their first oil and gas investment and none possessed the knowledge, skill or experience for anyone to believe that they could provide any form of meaningful input into a Dennis Kittler and Family joint venture!"
"Therefore, Dennis Kittler and Family controlled all aspects of these joint ventures, regarding the investors' ability to, in fact, act in any meaningful way, as to influence the success or failure of these joint ventures. Dennis Kittler and Family's Joint Ventures were, completely and totally under their direct authority, period. Therefore, Dennis Kittler and Family offered and sold drilling project that were "joint ventures", in name only, i.e., securities."
"According to both the "Howey Test" and the "Williamson Test", "investment contracts" were offered, sold and executed by the investors, period! Therefore, Dennis Kittler and Family offered and sold unregistered securities via general solicitation by unlicensed agents."
"These types of alleged illegal activities create, according to the SEC, FBI, U.S. Secret Service, etc., and based on our experience, a direct and documented pathway to alleged, interstate criminal fraud, including wire fraud, mail fraud, elder financial fraud and money laundering."
"We have been able to document each of these allegations regarding Dennis Kittler and Family, along with several more and we fully expect State or Federal indictments based on past performances of our filed complaints!"
If you have had any contact, pro or con, with this organization or its associates, or wish to know more, please contact us at [protected]@coltledger.com
Disclaimer: Everything contained herein is the opinion of Colt Ledger & Associates, Inc. and the victims of Fossil Oil based on, one, the direct relationship of the victims with Fossil Oil, Dennis Kittler and Family and his international, thug associates, two, the documents supplied to the Fossil Oil victims by Dennis Kittler and Family and his thugs, three, the irrefutable, but "alleged" documented criminal fraud and money laundering allegations found in our federal complaints being prepared as this information is being posted, four, the individually prepared sworn statements of the victims, located world-wide and finally, the information previously supplied to law enforcement, which has led to multiple indictments, charges, plea deals and prison. Of course, everyone, herein, is considered innocent until proven otherwise in a legal forum.
